Guideline Value for Worker's Estate 5th Cross Street

Worker's Estate 5th Cross Street guideline value

The current guideline value of Worker's Estate 5th Cross Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Neelankarai village and falls under the Neelankarai SRO with a land classification of Residential Class I Type - I.

How the guideline value of Worker's Estate 5th Cross Street has changed

The guideline value for Worker's Estate 5th Cross Street has seen significant changes over the years. In 2002, the value was Rs 434 per sq.ft, which increased to Rs 483 per sq.ft in 2003. Following this, the value rose sharply to Rs 1,500 per sq.ft in 2007, reflecting a 211% increase. The value then reached Rs 4,000 per sq.ft in 2012, marking a 167% increase from the previous revision. However, it dropped to Rs 2,680 per sq.ft in 2017, representing a decrease of 33%.

From 2017 to 2023, the guideline value increased significantly to Rs 4,000 per sq.ft, a rise of 49%. The most recent revision in 2024 set the value at Rs 4,400 per sq.ft, which is a 10% increase from 2023. Overall, from 2002 to 2024, the guideline value has increased by 914%.

Guideline values in Neelankarai

In Neelankarai village, there are 377 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 10,500 per sq.ft. The median value is Rs 2,200 per sq.ft, making the guideline value of Worker's Estate 5th Cross Street above that median.

• Worker's Estate 4th Cross Street: Rs 4,400 per sq.ft (2024)
• Worker's Estate 5th Street: Rs 4,400 per sq.ft (2024)
• Worker's Estate 3rd Street: Rs 4,400 per sq.ft (2024)
• Worker's Estate 3rd Main Road: Rs 4,400 per sq.ft (2024)
• Worker's Estate 3rd Cross Street: Rs 4,400 per sq.ft (2024)
• Worker's Estate 2nd Main Road: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Worker's Estate 5th Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000. Together, the total cost for stamp duty and registration fee would be Rs 3,96,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Worker's Estate 5th Cross Street?

The Sub Registrar Office that covers Worker's Estate 5th Cross Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Neelankarai

The guideline value is a crucial factor when buying or selling property in Neelankarai. It serves as a benchmark for determining the minimum price at which a property can be registered. When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher.

During the registration process, the guideline value ensures that the property is accurately assessed for taxation purposes. It helps maintain transparency in property transactions and ensures compliance with local regulations.

Frequently asked questions

What is the current guideline value of Worker's Estate 5th Cross Street?

The current guideline value of Worker's Estate 5th Cross Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 434 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 914% over the years.

What are the stamp duty and registration fees for property in this area?

For a property of 1,000 sq.ft at the current guideline value, the stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Which office handles property registrations for Worker's Estate 5th Cross Street?

The Neelankarai Sub Registrar Office handles property registrations for Worker's Estate 5th Cross Street, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

What is the land classification for Worker's Estate 5th Cross Street?

The land classification for Worker's Estate 5th Cross Street is Residential Class I Type - I, indicating its designation for residential use.